XM.com provides the entire suite of MetaTrader platforms and competitive pricing for forex and over 350 CFD instruments, including on cryptocurrencies, through its regulated entities in the EU and Australia.

Review Sections:

Founded in 2009, XM.com provides traders with the full MetaTrader platform suite by MetaQuotes Software Corporation. XM.com has evolved into an online multi-asset broker offering over 400 instruments, including 57 currency pairs and 356 CFDs. Five CFDs on cryptocurrencies are also offered covering Bitcoin, Dash, Ethereum, Litecoin and Ripple.

The XM.com brand (XM Group) is the trading name of Trading Point Holdings Ltd (Trading Point Group) – owner of the firm’s FCA-regulated entity in the UK, with EU passports under the MiFID, CySEC-regulated entity in Cyprus, and its ASIC-regulated entity in Australia.

Trust Score

Trading with a forex broker traders can trust is crucial to success. Unfortunately, forex fraud and scams are common in the industry.

Here at ForexBrokers.com, we maintain the largest independent regulatory database available on the web. Using 28 different variables, we have created a proprietary 1-100 score (the higher the better) of overall trustworthiness, which we call the Trust Score. Here is our trust summary of XM.

XM

Trust Score

71

Year Founded

2009

Publicly-Traded Company (Listed)

No

Regulated in Major Hub

Yes

Regulated in Emerging Hub

Yes

Authorised in the European Union

Yes

CFTC Registered (USA)

No

FCA Regulated (UK)

Yes

IIROC Authorised (Canada)

No

FINMA Authorised (Switzerland)

No

ASIC Authorised (Australia)

Yes

SFC Authorised (Hong Kong)

No

MAS Authorised (Singapore)

No

FSA Authorised (Japan)

No

FMA Authorised (New Zealand)

No

CySEC Authorised (Cyprus)

Yes

Offering of Investments

The following table summarizes the different investment products available to XM clients.

XM

Minimum Initial Deposit

$10-100

Currency Pairs (Total Forex pairs)

57

CFDs - Total Offered

356

Exchange Traded Securities: US

No

Exchange Traded Securities: International

No

Cryptocurrency traded as actual

No

Cryptocurrency traded as CFD

Yes

Commissions & Fees

The commissions and fees at XM depend on the type of account. There are three to choose from, including the commission-free Micro and Standard accounts, and the commission-based XM Zero Account.

For example, in the XM Zero account, average spreads on the EUR/USD were listed as 0.1 pips (not including commission), compared to the commission-free Standard and Micro account, which had average spreads of 1.7 pips for the same pairs.

Even after including the USD $5 per side commission ($10 per Round Turn), and average spreads of 0.1 pips on the EUR/USD, the all-in cost to trade is 1.1 pips (0.1 spread + 1.0 RT commission), making the XM Zero account the firm’s most competitively priced offering.

It is worth noting that XM acts as the sole dealer (principal) in all trades it executes, and offers no re-quoting across all its account types in terms of the execution method as a market-maker/dealer. This allows it to offer lower spreads during certain market conditions. Accordingly, both account options are useful, depending on clients’ needs.

XM

Average Spread EUR/USD - Standard

1.60

All-in Cost EUR/USD - Active

1.10

Active Trader or Premium/VIP

No

Customer Service

For our 2018 Forex Review, 129 customer service phone tests were conducted over three months. The data collected is institutional grade. On average, three questions were asked for each test. To score each test, the tests were divided into three separate groups and scores were given for the time taken to connect with each support representative and the ability of each representative to professionally (and thoroughly) answer each question. A Net Promoter Score was also given for the overall experience.

Results:

Average Connection Time: <1 minute

Average Net Promoter Score: 6.66 / 10

Average Professionalism Score: 5.2 / 10

Overall Score: 6.7 / 10

Ranking: 24th (43 brokers)

Research

XM’s research offering consists mostly of content generated by an in-house team of analysts, including daily market recaps and technical and fundamental analysis articles and videos.

The firm also provides six calculators, ranging from its all-in-one calculator to its pip value calculator, which can be useful when traders are planning or researching trading ideas. There is also an economic calendar powered by Investing.com.

Meanwhile, trading signals that can be automated are currently limited to the Signals Market available within the MetaTrader platform, after XM discontinued its prior social copy-trading offering of Tradency’s MirrorTrader platform, and ZuluTrade.

Compared to our review last year, XM has expanded its research offering with the addition of more in-house analysts covering markets with technical and fundamental analysis.

Overall, XM’s research offering is above the industry standard and the broker finished 18th out of 43 brokers in our 2018 Review.

XM

Daily Market Commentary

Yes

Forex News (Top-Tier Sources)

Yes

AutoChartist

No

Trading Central (Recognia)

No

Delkos Research

No

Acuity Trading

No

Social Trading / Copy-Trading

Yes

Social Sentiment - Currency Pairs

No

Client Webinars

Yes

Client Webinars (Archived)

No

Videos - Beginner Trading Videos

No

Economic Calendar

Yes

Calendar Includes Forecasts

Yes

Economic News Sentiment

Yes

Trade Ideas - Backtesting

Yes

Platforms & Tools

XM is a MetaTrader-only broker offering the standard, out-of-the-box experience. This means it offers the suite of platforms from MetaQuotes Software Corporation, developer of the popular MT4 and MT5 platforms for desktop, mobile, and web. Read our full MetaTrader guide.

While MetaTrader 4 and MetaTrader 5 come standard, with little variation in functionality from broker to broker, there can be significant differences in how the platform is set up for trading spreads and commissions, execution, and other tools, features, and administrative areas.

Mobile Trading

Since XM is a MetaTrader-only broker, the iOS and Android versions of the MT4 and MT5 mobile apps come standard and are both available for download from the Apple iTunes store and Android Play store, respectively.

XM

Android App

Yes

Apple iOS App

Yes

Charting - Draw Trend Lines

Yes

Charting - Can Turn Horizontally

Yes

Charting - Technical Studies/Indicators

30

Watch List Syncing

Yes

Trading - Forex

Yes

Trading - CFDs

Yes

Alerts - Basic Fields

Yes

Other Notes

XM allows each client to hold up to 200 positions at a time, including pending orders. The firm also can fill up to 50 standard lots (five million units) at a time, for market, stop-loss, and limit orders, and offers phone broking to traders wanting to place trades.

XM holds regular international seminars and workshops, which offer clients the opportunity to meet the firm’s representatives and find out more about the company’s offerings and signup opportunities.

In 2017, XM launched CFDs on major cryptocurrencies including Bitcoin (BTCUSD), Dash (DSHUSD), Ethereum (ETHUSD), Litecoin (LTCUSD) and Ripple (XRPUSD), offering investors and traders the ability to gain exposure to digital assets without owning the underlying.

Final Thoughts

Traders looking for a regulated MetaTrader broker offering both MT4 and MT5 choose XM for its range of markets and competitive pricing on its Zero account.

Although XM offers over 400 instruments, including 57 currency pairs and CFDs on five cryptocurrencies, the broker still trails behind brokers who offer several thousand instruments.

Compared to other MetaTrader brokers, XM didn’t receive a Best in Class award. All variables considered, XM ranks in line with the industry average and finished 24th out of 43 brokers in our 2018 Review.

Methodology

Forex Risk Disclaimer

"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses."Learn more.

Reviewed by Steven Hatzakis
Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 19 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

XM Competitors

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Ratings
Overall

Summary

Commissions & Fees

Offering of Investments

Platforms & Tools

Research

Customer Service

Mobile Trading

Education

Best in Class

2018

24 of 43

Overall

Commissions & Fees

Commission Notes

XM offers three account types – the commission-free Micro and Standard accounts, and the commission-based XM Zero account, all of which can be used with either the MT4 or MT5 platforms.

While the Micro and Standard accounts are commission free, the XM Zero account has a per-trade commission as outlined below:

Micro and Standard account:

The Micro and Standard accounts are nearly identical except for the default lot size in the Micro account, where one lot equals 1,000 units (1 micro contract); the Standard account has a default lot size of 100,000 units or 1 standard lot. These accounts can be denominated in 11 currencies and opened with $10.

XM Zero Account:

The XM Zero account charges $5 per side ($10 round-turn) per 100k units (1 standard lot), and this account can be denominated in either EUR, USD, or JPY and opened with as little as $100. It is worth noting that this account has one less currency pair available, as USD/CNH is disabled and only available in the other two account types.

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 4/03/2018 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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